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Mass layoffs, high expenses, and positive stock reaction put Grupo Mateus under market attention, as the retailer tries to balance profitability, integration of the New Atacarejo, and expansion in Northern and Northeastern states after the first quarter 2026 balance sheet.
According to information from the newspaper Valor Econômico, based on the results released by the company on Thursday (14), Grupo Mateus (GMAT3) has laid off more than 6,600 employees since December 2025.
The reduction affected operations in five Northeastern states and one in the North, with a decrease in the workforce from 47,900 to 41,200 workers in Bahia, Ceará, Maranhão, Piauí, Sergipe, and Pará.
In practice, the cut represented a decrease of 13.9% between the fourth quarter of 2025 and the first quarter of 2026, the period used as a reference in the retailer’s most recent financial data.
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During the earnings conference call, the company stated that it seeks an “optimal point” between expenses and operating margin, without compromising the necessary structure to maintain activities and support expansion.
“We made a reduction and have important discipline. If you reduce too much, it’s a problem, and if you reduce too little, you have expenses. But there are other expenses, which are not people, that we will continue to make,” said Ilson Mateus Rodrigues, CEO and founder of Grupo Mateus.
Layoffs at Grupo Mateus aim at expense reduction
In the first quarter of 2026, the operating expenses totaled R$ 1.6 billion, an amount that represents an increase of 29.3% compared to the previous year, according to data released by the company and cited by Valor Econômico.
Part of this increase came from the consolidation of Novo Atacarejo, an operation completed on July 1, 2025, which began to directly influence the cost base of Grupo Mateus in the most recent results.
Besides the effect of the acquisition, expenses grew by 10.8% on the adjusted basis, also pressured by the opening of 17 stores in the states of Maranhão, Pará, Piauí, Ceará, Sergipe, and Bahia.
Grupo Mateus Shares React to BTG Pactual Report
Following the release of a report by BTG Pactual, shares of Grupo Mateus (GMAT3) advanced more than 6%, amid the assessment that part of the challenges has already been incorporated into the company’s valuation.
Although it pointed out short-term pressures, the bank highlighted concern with the slowdown in consumption, food deflation, and challenges related to the integration of Novo Atacarejo.
Even so, BTG maintained a buy recommendation for the shares, with a target price of R$ 9, citing the group’s regional positioning and opportunities for expansion in less penetrated areas of the North and Northeast.
Net Profit Falls in First Quarter of 2026
In the first quarter of 2026, Grupo Mateus recorded a net profit of R$ 212.9 million, a result 21.8% lower than that recorded in the same period of the previous year.
Also in the period, the EBITDA post-IFRS 16 totaled R$ 543 million, with a 7.3% annual comparison drop, while the EBITDA margin stood at 5.8%.
Despite the decline in profitability indicators, the net revenue reached R$ 9.4 billion, a growth of 12.9% compared to the first quarter of 2025.
This performance was driven by the consolidation of Novo Atacarejo, the expansion of B2B operations, and the increase in sales of electronics, segments that helped sustain revenue growth.
Same-Store Sales Decline with Pressured Consumption
The Same-Store Sales (SSS) indicator, used to measure sales in the same stores, declined by 7.3% in the period, reflecting a weaker consumption environment.
According to the company, this result was influenced by food deflation, higher household indebtedness, and changes in consumption patterns, factors that pressured the performance of comparable stores.
On the other hand, the gross margin advanced by 0.7 percentage points, reaching 22.9%, due to the strategy of prioritizing profitability in lower-margin channels and new negotiations with suppliers.
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